The Ibex saves the worst year on the stock markets since the financial crisis of 2008 with a fall of 5.56%

All the reasons that have placed the Ibex 35 at the bottom of the European stock markets for years have made it, in 2022, one of the indices that has best withstood the onslaught of the war in Ukraine, inflation and rate hikes in the markets.

The Spanish index ended the year with a fall of 5.56%, but despite the negative sign, only the Portuguese PSI-20 and the British Ftse 100 performed better.

The Madrid market has not managed to regain 8,300 points (8,229) and, despite swimming against the current, its balance is better than that of other comparable stock markets.

In a year that is already considered

, the Cac 40 in Paris ended with a 10% drop, in line with the 13% drop for the Frankfurt Dax 30 and 13.5%. of the Ftse Mib in Milan.

Things have not been better for the EuroStoxx 50 (-12.5%) or on the other side of the Atlantic, where the Dow Jones (-10%), the S&P 500 (-20%) and the Nasdaq (-34% ) have ended 2022 asking for the time.

"It has not been a good year for the Ibex-35, in line with what has happened with the world stock markets. It began with good prospects after the effects of the pandemic, but the

seasoned with the energy and food crisis, high inflation and rising interest rates have created a breeding ground where investors have had to make decisions on a

due to the uncertainties and complexities of the environment.Until October a certain pessimism, moment in which the selective began to scale new positions reaching key supports to gain momentum and attack resistance", sums up

, economic analyst and professor of

.

The composition of the index -the type of listed companies-, which in recent years has weighed down the Spanish stock market, is what now explains its resistance in 2022: the

and the scarcity of technology have become allies to weather the storm in a year in which technology companies have suffered a lot and financial institutions have begun to see the light of day thanks to the monetary easing of central banks.

Not surprisingly, five of the ten values ​​that have done best in the Ibex 35 throughout the year are banks.

leads the list with a comeback of 59.5% that has placed its shares at 3.67 euros;

follows , with a cumulative rise of 58.2%, and

is in fourth position

, with a rise of 45.8%.

Also in the top ten is the newcomer

, whose titles have risen by 22%, and

, which has gained 15.1%.

Together with the banks, the energy companies and the infrastructures have propped up the resistance of the Ibex, in a clear reflection of the impact of the war and the post-covid recovery.

Repsol shares have ended 2022 with a rise of 49.8%, the third with the highest revaluation;

those of

, with 24% more, and those of

, with 19.2%.

At the bottom of the index are

(-56.5%),

(-50.3%) and

(-39.5%) as the companies most punished by investors.

perspectives

Looking ahead to 2023, the prevailing sentiment is uncertainty.

"The prospects for the year 2023 show a horizon full of uncertainties due to the global economic slowdown together with the persistence of inflation and the continuation of restrictive monetary policies by central banks, which could negatively affect the stock markets, if It could well boost the values ​​of banks and all those associated with renewable energy and infrastructure development. We will have to be very attentive to macroeconomic changes and the possible end of the conflict with Ukraine," says Juan Carlos Higueras.

Another beacon that will guide the markets this coming year will be the

.

Analysis department

they call to be aware of what they do and not so much of what institutions such as the US Federal Reserve (Fed) or the European Central Bank (ECB) say.

"You have to decide based on what the central banks do (less harsh monetary policy)

, since their messages continue to be harsh with the intention of counteracting less and less aggressive actions because they know that the rate hikes that would be necessary to redirect inflation in the short term would imply deteriorating employment and assuming responsibility for a recession.

And that is impracticable in the 21st century.

That is why they squeeze their messages to the point of making them seem inconsistent with their actions," they point out in their outlook report for the next quarter.

In his opinion, and unlike the more general consensus, the stock markets are gaining attractiveness for the next financial year, among other things because "they offer a reasonably attractive risk-return ratio."

Their positioning is not so much geographical as by sector, and in this sense they are committed to

Among the Spanish companies, they point to Iberdrola, Inditex, Telefónica, Sabadell, Cellnex, CaixaBank, Mapfre, IAG, Logista and AXA and grant a revaluation potential of 11.8% for the Ibex 35, which would place it at the level of the 9,000 integers.

According to the criteria of The Trust Project

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